Aging buckets are time periods you can use to review and report on your open receivables. For example, the 4–Bucket Aging bucket that Receivables provides consists of four periods: –999 to 0 days past due, 1 to 30 days past due, 31–61 days past due, and 61–91 days past due.When you create your Collections reports or view your customer accounts, you can specify an aging bucket and ’as of date’, and Receivables will group the transactions and their amounts in the appropriate days past due period.
You can define an unlimited number of aging buckets and lines (time periods) within an aging bucket. However, all Receivables aging reports include a maximum of the first seven time periods for an aging bucket. If you want to report on additional time periods, you must create custom aging reports. You can also customize the aging buckets that Receivables provides.
Aging buckets that you define here appear as list of values choices in the Aging, Print Statements, and the Print Collection Reports windows. You can make an aging bucket inactive by changing its status to ’Inactive’ and then saving your work.